Voice Recognition Market with Growing Opportunities By Top Key Players: Google, Inc., Baidu, Inc., Facebook, Inc., Amazon.com, Inc., Microsoft Corporation and other

The increasing demand for intelligent virtual assistants at homes and enterprises primarily supports the growth of voice recognition market. Moreover, the growing need for automation in customer service, and integration of virtual assistants with smart home appliances drive the growth of the market. Furthermore, the increasing need to streamline enterprise communication to improve productivity further influence voice recognition market growth during the forecast period. Other driving factors include increased use in automobiles, mobile banking applications, and electronic health record applications. Also, increasing applications in biometric systems for user authentication would boost the market growth during the forecast period. Growing demand from emerging economies, and technological advancements are factors expected to provide numerous growth opportunities in the coming years.

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The Voice Recognition market is anticipated to reach over $150 billion by 2026 according to a new research report. In 2017, the non AI-Based voice recognition segment dominated the global market, in terms of revenue. North America is expected to be the leading contributor to the global market revenue during the forecast period.

Top Key Player:

Google Inc.
Baidu Inc.
Facebook Inc.
Microsoft Corporation
Amazon.com Inc.
Advanced Voice Recognition Systems Inc.
Apple Inc.
CastleOS Software
LLC
International Business Machines Corporation
Nuance Communications Inc.

North America generated the highest revenue in the market in 2017, and is expected to lead the global voice recognition market throughout the forecast period. Use of intelligent virtual assistants to replace traditional interactive voice response systems has supported market growth in the North America. Use of intelligent virtual assistants is proving effective by enhancing customer and brand experience, and providing a consumer-friendly environment. Similarly, the presence of established telecom and cloud infrastructure in this region, and growing trend of BYOD drive the voice recognition market growth in the region. The growing demand of mobile devices, and technological advancements further support market growth in the region. The demand for voice recognition systems has increased significantly in BFSI, and healthcare sectors in the region. Increasing adoption of smart homes, and smart buildings would provide growth opportunities for voice recognition market during the forecast period.

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By Segment:

Voice Recognition By Component:

Hardware
Software
Services.
Voice Recognition By Interface:

AI-Based
Non-AI Based

Voice Recognition By End-User:

Automotive
Healthcare
BFSI
Consumer
Retail
Commercial
Others.

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